Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 40055 [2019-17262]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 84, Number 156 (Tuesday, August 13, 2019)]
[Notices]
[Page 40055]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-17262]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, with revision, the 
Request for Extension of Time to Dispose of Assets Acquired in 
Satisfaction of Debts Previously Contracted (FR 4006; OMB No. 7100-
0129).

FOR FURTHER INFORMATION CONTACT: 
    Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of 
the Chief Data Officer, Board of Governors of the Federal Reserve 
System, Washington, DC 20551, (202) 452-3829.
    Office of Management and Budget (OMB) Desk Officer--Shagufta 
Ahmed--Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 10235, 725 
17th Street NW, Washington, DC 20503 or by fax to (202) 395-6974.
    A copy of the PRA OMB submission, including the reporting form and 
instructions, supporting statement, and other documentation will be 
placed into OMB's public docket files. These documents also are 
available on the Federal Reserve Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears above.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collection of information conducted or sponsored 
by the Board. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the PRA Submission, supporting 
statements and approved collection of information instrument(s) are 
placed into OMB's public docket files.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Information Collection

    Report title: Request for Extension of Time to Dispose of Assets 
Acquired in Satisfaction of Debts Previously Contracted (DPC).
    Agency form number: FR 4006.
    OMB control number: 7100-0129.
    Frequency: Event-generated.
    Respondents: Bank holding companies (BHCs).
    Estimated number of respondents: Section 3(a) DPC: 21; Section 
4(c)(2) DPC: 42.
    Estimated average hours per response: Section 3(a) DPC: 5 hours; 
Section 4(c)(2) DPC: 5 hours.
    Estimated annual burden hours: Section 3(a) DPC: 105 hours; Section 
4 (c)(2) DPC: 210 hours.
    General description of report: The Bank Holding Company Act (BHC 
Act) and the Board's Regulation Y require a BHC that acquired voting 
securities or assets through foreclosure or otherwise in the ordinary 
course of collecting a DPC to seek prior Board approval in order to 
retain ownership of those shares or assets for more than two years. 
There are no required formal reporting forms associated with this 
information collection (the FR 4006 designation is for internal 
purposes only). Instead, a BHC is required to submit any extension 
request to the Reserve Bank that has direct supervisory responsibility 
for the requesting BHC. The Board uses the information provided in the 
request to fulfill its statutory obligation to supervise BHCs.
    Legal authorization and confidentiality: The FR 4006 is authorized 
pursuant to sections 3(a) and 4(c)(2) of the BHC Act \1\ and sections 
225.12(b) and 225.22(d) of Regulation Y.\2\ Under sections 3(a) and 
4(c)(2) of the BHC Act and sections 225.12(b) and 225.22(d)(1) of the 
Board's Regulation Y, a BHC is not required to seek prior Board 
approval before acquiring securities or assets in the ordinary course 
of collecting a DPC in good faith, if such securities or assets (the 
``DPC property'') are divested within two years of acquisition. In 
order to hold the DPC property beyond the two-year period, a BHC is 
required to seek the approval of the Board. The two-year period may be 
extended by the Board for up to three additional years, and holdings in 
certain types of DPC property may be extended for up to five additional 
years (for a total of 10 years). Pursuant to section 225.12(b) of 
Regulation Y, a BHC may request an extension of the section 3(a) 
holding period for voting securities of a bank or BHC acquired in the 
ordinary course of collecting a DPC in good faith. Pursuant to section 
225.22(d)(1) of Regulation Y, a BHC may request an extension of the 
section 4(c)(2) holding period for voting securities or assets of a 
nonbanking company acquired in the ordinary course of collecting a DPC 
in good faith. The FR 4006 is required to obtain the benefit of being 
permitted to retain ownership, for more than two years, of voting 
securities or assets acquired in the ordinary course of collection of a 
DPC. Individual respondents may request that information submitted to 
the Board, pursuant to sections 225.12(b) and 225.22(d) of Regulation 
Y, be kept confidential on a case-by-case basis. Such requests 
generally contain information related to how the BHC acquired shares or 
assets and the plans of the BHC to divest the shares or assets. Under 
certain circumstances, this information may qualify under exemption 4 
of the Freedom of Information Act, which protects privileged or 
confidential commercial or financial information (5 U.S.C. 552(b)(4)).
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    \1\ 12 U.S.C. 1842(a) and 1843(c)(2).
    \2\ 12 CFR 225.22(d).
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    Current actions: On April 3, 2019, the Board published a notice in 
the Federal Register (84 FR 13044) requesting public comment for 60 
days on the extension, with revision, of the Request for Extension of 
Time to Dispose of Assets Acquired in Satisfaction of Debts Previously 
Contracted (DPC). The Board will revise the FR 4006 to account for 
requests for an extension of the section 3(a) holding period for bank 
DPC property pursuant to section 225.12(b) of the Board's Regulation Y. 
The FR 4006 currently does not account for this collection of 
information. The comment period for this notice expired on June 3, 
2019. The Board did not receive any comments. The revision will be 
implemented as proposed.

    Board of Governors of the Federal Reserve System, August 7, 
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-17262 Filed 8-12-19; 8:45 am]
BILLING CODE 6210-01-P